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Updated almost 8 years ago on . Most recent reply

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Jonathan Johnson
  • Rental Property Investor
  • Charleston, WV
109
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262
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Lost a bargain buy on a big apartment, is it over?

Jonathan Johnson
  • Rental Property Investor
  • Charleston, WV
Posted

Hello BP,

I'm sad to say an amazing deal might have fallen through my fingers. There was another buyer who put in an offer a week before mine and his offer was less money but also less time. I didn't know the sellers were short on time and they didn't even negotiate with me. I was asking the broker if my offer was competitive with the other, since she is the selling broker as well, and she said it was. 

All I received was that the sellers accepted the other offer. :(

HOWEVER! I am thinking that there's maybe a 20% chance this deal is not done. I plan on upping my offer price and lowering the due diligence time and resubmitting in the case the current buyer has any hesitations. What do you all think about the likeliness that I might still have a shot? I can get the loan I need within 30 days, and if I can do the due diligence on this apartment within that time I think that's the same as the current accepted offer.

Generally I know brokers don't accept offers past one being accepted. But perhaps she could just let the sellers know of the numbers I'm willing to go to?

Most Popular Reply

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Mindy Jensen
  • BiggerPockets Money Podcast Host
  • Longmont, CO
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7,341
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Mindy Jensen
  • BiggerPockets Money Podcast Host
  • Longmont, CO
ModeratorReplied

@Jonathan Johnson , as a seller, I am more apt to negotiate with the buyer I'm under contract with if I do not have a backup offer. I am less likely to negotiate if there is another offer willing to waive inspection, pay cash, close fast, etc.

Make your backup offer as enticing as possible by removing as many contingencies as you are comfortable with. Do not remove any contingency that would cause you to lose sleep over it. Better to not have a good deal than be stuck with a bad one.

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